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Complete Story
05/20/2020
How COVID-19 Is Infecting the Payment Fraud Landscape
Banking Exchange
The only things that never change when it comes to fraud are that it exists and the tactics behind it will always be evolving. The COVID-19 pandemic, which has upended countless lives and closed down offices across the world, is presenting new opportunities for fraudsters. One major threat is with business payments, where criminals have adopted new interception strategies that businesses must be aware of.
Fraudsters have significantly expanded phishing campaigns to include COVID-19 messaging. This preys on a person’s desire for information about the virus and the difficulty to figure out whether a piece of information is fraudulent or credible. In April, the Federal Trade Commission Consumer Division and the FBI distributed 30 alerts and press releases, many of which were directly related to COVID-19 fraud.
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Resources
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